Namaste Technologies Building Great SupportStock has been trading and finding great support at .22, .25 and now .32 range for the past 2 weeks. Earnings report will be released on or before June 13, 2020 so I am looking to get some positive guidance on what the remainder of 2020 will look like. Provided that their quarter is trending in a good direction and guidance shows increases in revenue, Namaste can find itself in the .40 and or .50 cent range by the end of the summer.
LFST trade ideas
NXTTF - opportunities up to 30% for short-term gainsNamaste Holdings is tracing minuette wave (iii). Its most probable short-term target is at 0.3745. If prices crosses down 0.2540, this set up may be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
Option 2: ABCDE wave 4This is follow up to my option 1 that I posted.
In this second option elliot wave count, we are only in the corrective wave 4 of the larger 12345 impulse wave cycle. To me this means this may be a less deep correction and that the correction may follow a simple descending wedge triangle ABCDE pattern. Afterwhich, it will put in 5 impulse waves to reach what is ultimately wave 5 of the larger cycle before the ABC correction begins.
I'd like to hear other's thoughts.
DISCLAIMER:
This is not investment advice. Trade at your own risk.
But seriously, I'm not qualified to even give myself advice at this point...
Take this as education and entertainment only.
Option 1: ABC correction after wave 5I'm putting out two different counts on NXTTF because I'm new at this and unsure of how to call the full impulse cycle.
The way I see it, the ATH made in late December represents an extended 5th wave which means we are now heading into an ABC correction. In theory, it would be typical for this correction to dip as low as the last wave 4 which is down around $1.00. Also, the MACD is very high (on the daily chart) and a dip to $1-$1.50 would give it some time to come down before the main up trend begins again.
I'd love to hear how others are seeing it. I'm also going to put out an option two because I see this another way also and as of today (Jan 16'18) I think option 2 would be my lead forecast.
For transparency, I am long on Namaste (I buy it on the Canadian Exchange under symbol "N"), however I sold half my position today until I know which type of correction we are in. Long term, I feel very bullish on this company and its stock price. Vs the other cannabais companies out there, this one is unique in that it focuses on becoming the Amazon online store for weed, and it's valuation is at 20% of what the other big Canadian (grower) companies are at.
DISCLAIMER:
This is not investment advice.
This is only for education and entertainment.
Happy trading!
At demand level - load up here.At demand level - load up here. The chart is quite clear, this is the area to buy with a stop just below the demand area.
